South Africa's Standard Bank: No Plans to Launch Bitcoin Integration

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This week, it was reported that South Africa’s Standard Bank was running a trial of Switchless’ software that allows traditional financial institutions to integrate bitcoin storage, banking, and merchant services.

It was unclear as to whether or not this trial would extend to customers, but we’re learning now that it will not.

A spokesperson for Standard Bank said that the internal trial was exclusive to the bank and limited to 8 individuals of the bank’s staff.

“No customers participated in the pilot,” said the bank.

The idea was to try and offer innovative financial solutions to customers, but in the end, it’s not something that Standard Bank is looking to move forward with.

“The pilot is now complete and Standard Bank has no plans to launch,” the spokesperson said.

It’s possible the agreement between Standard Bank and Switchless only called for a pilot and nothing more, but the exact reasoning is unclear.[via BusinessTech by MyBroadband]